Wall Street keeps rewriting the record books. Friday marked the second straight day of fresh all-time closing highs, with volume surging to the highest levels since April. Both the S&P 500 and the Nasdaq Composite locked in a third consecutive weekly gain, riding momentum from the Fed’s 25bps rate cut and Powell’s signal that more easing is on deck.
Fed in Focus – What’s Next
Markets are now pricing in two more cuts by year-end according to CME FedWatch. This week, the spotlight shifts to Fed commentary, especially Chair Powell’s speech Tuesday. Powell has been clear: the path forward is data-driven.
Key releases ahead:
- PMI data (September)
- Final Q2 GDP reading
- Core PCE inflation (Friday) – the Fed’s #1 gauge
Expectations are for PCE to stay above the 2% target, but trade tariff pressures remain the wild card.
Goldman’s Bullish Forecast
Goldman Sachs raised its S&P 500 targets:
- 6800 by year-end
- 7000 in 6 months
- 7200 in 12 months
Earnings growth is driving this bullish outlook. GS sees +7% EPS growth in both 2025 & 2026. With long-term rates steady, earnings remain the main fuel for equity upside.
Earnings Week – Tech in the Spotlight
- Micron (MU) reports Tuesday after-hours. Sentiment is strong, riding AI momentum from peers AVGO & ORCL.
- Jabil (JBL) & Accenture (ACN) report Thursday. Watch AI-related commentary for impact on consulting demand.
- Sector headwind: Trump administration drops a $100,000 annual H-1B visa fee, hitting tech heavyweights (MSFT, GOOGL, GS).
Metals on Fire – Oil Slips
- Gold ripped to a new record high, spot at ~$3,725/oz, futures near $3,758/oz. Lower rates = stronger case for bullion and metals.
- Silver followed through, up near $43.8/oz.
- Oil pulled back: Brent $65.50, WTI $62.21. Middle East tensions and fresh EU sanctions on Russia kept traders on edge.
Tech Melt-Up – Where’s the Ceiling?
The QQQ Tech Index blasted through 600 intraday Friday before closing 599.35 (+0.68%). Pure euphoria. Bears remain trapped, but caution is warranted. Key levels:
- Support: 580 – must hold
- Below 580 risks 570–560 zone
Until then, bulls are still firmly in control.
Crypto Corner
- Bitcoin trading ~$114.4K/coin.
🔔 Today’s Key Data & Events
- 🇺🇸 FOMC Member Williams speaks @ 9:45AM ET
🚨 ALERT – Q3 Market Review (Open to ALL)
📅 Wed, Sep 24, 2025 @ 7:00 PM ET
📍 Zoom Meeting: https://us06web.zoom.us/j/85779738923?pwd=XHVqfOkKE7FdhYHcZC6JNX4sQS1Z31.1
✅ Many OP members hit their yearly goals last week. Incredible work – vacations, Rolexes, early retirements… all powered by “Stack Your Gains™.” Who’s next?
See you all in chat,
– OP Team
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